Trust Between Entrepreneurs and Angel Investors: Exploring Positive and Negative Implications for Venture Performance Assessments
Trust Between Entrepreneurs and Angel Investors: Exploring Positive and Negative Implications for Venture Performance Assessments
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DOI：
10.1177/0149206312463937
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发表时间：
2014-11-01
影响因子：
13.5
通讯作者：
Collewaert, Veroniek
中科院分区：
文献类型：
--
作者：
Bammens, Yannick;Collewaert, Veroniek
对信任相关结果的研究在组织文献中有着悠久的传统。然而，很少有人考虑过信任的潜在阴暗面，也很少有人探讨过信任在创业企业中的影响。本研究这样做，通过研究如何感知企业家和天使投资人的信任程度，在他们的关系影响后者的评估风险业绩。假设进行了测试，使用的调查数据，从54个风险企业的首席创业者和天使投资人。研究结果表明，天使投资人更积极地评价投资组合公司的业绩时，他们认为高的信任，而企业家的信任的看法是负相关的天使投资人的评估风险投资业绩。此外，这些影响部分是由双方之间的信息交流的质量介导的。总之，这些发现指出了在天使投资人与非天使投资人的关系中存在强烈信任所带来的好处和威胁。
The study of trust-related outcomes has had a long tradition in the organizational literature. However, few have considered potential darker sides of trust or have explored its effects in the setting of entrepreneurial ventures. This study does so by examining how perceptions of entrepreneurs and angel investors concerning the degree of trust in their relationship impact the latter's assessments of venture performance. Hypotheses are tested using survey data from the lead entrepreneur and angel investor of 54 ventures. Results indicate that angel investors evaluate portfolio company performance more positively when they perceive high trust, whereas entrepreneurs' trust perceptions are negatively associated with angel investors' assessments of venture performance. Further, these effects are partially mediated by the quality of information exchanges between both parties. Together, these findings point to the benefits as well as threats that come with the presence of strong trust in entrepreneur-angel investor relationships.